Chronic Disease Management Market Forecast, Americas, Europe, Asia-Pacific and the Rest of the World by 2027
According to the latest research reports, the chronic diseases management market size is predicted to reach USD 4000 Million in the year 2018 and it is predicted to register a CAGR of 14.5% during the forecast period.
Chronic Disease Management Market Overview :
There is huge market for chronic diseases management globally owing to its application in various field such as such as diabetes, cardiovascular diseases, cancer, autoimmune diseases, chronic obstructive pulmonary disorder, and few others. Increasing prevalence of chronic disease globally considering the major factor which lead the growth of chronic disease management market globally. According to Cancer research UK, in 2014, around 356,860 people were diagnosed with cancer.
Report suggest that it incident of cancer are rising rapidly in last few years and expected to grow quickly in coming future owing to unhealthy diets, high rate of smoke and alcohol consumption. Chronic disease management service is taking gaining the attractiveness throughout the globe, due to the use of health information technologies and improved availability of the online resource in the healthcare.
Approximately 36 million patients took advantage of Medicare reimbursement policy in 2015 due to chronic disease management services. There is huge competition among the leading services provider in this market. Both leading and local service provider offers various scheme to compete in the market.
According to a recent study published by the Market Research Future analysts, the global chronic disease management market is a dynamic market growing at double digit growth rate. The growth of this market is mainly due to rise in the prevalence of the chronic diseases.
Increase in prevalence has led to the high demand for the chronic care devices, tools, and monitoring software. Moreover, increasing investment in Research and development, and availability of funds drive the growth of the market. Moreover, increasing government support, changing lifestyle, and rapidly developing technology is expected to fuel the market growth.
On the other hand, there are some hurdles in this market such as high cost involved in the development of the required infrastructure. Moreover, there is poor patient engagement, lack of interoperability, and concerns about the data security which can hinder the growth of the chronic disease management market to an extent.
Chronic Disease Management Market Competitive Analysis :
The market for chronic disease management, although being a relatively nascent market, has good number of companies operating in this market. There are number of companies involved in the development of the products, including the devices, tools, software, web portals, and other services in the chronic disease management space. Product launches, software update launches, and mergers & acquisitions are some key strategies of the companies in this market. Some of the developments for players are as follows.
In September 2017, Sciencesoft released Version 3.0.0 Health CheckFramework (HCF) for IBM QRadar SIEM
In October 2016, Pegasystems Inc. the software company empowering customer engagement, announced a partnership with MCG Health, the leader in evidence-based care guidelines. The major goal from this partnerships is to enhance the care experience for patients with chronic conditions while enabling care management teams to achieve better patient outcomes.
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Chronic Disease Management Market Regional Analysis :
The Americas region dominate the global chronic disease management market owing to the presence of huge patient population with chronic diseases, and increasing government support for research & development. Furthermore, presence of large number of market players in this region which are involved in continuous development of the quality products which cater to the global patient population giving an extra boost for the growth of this market in Americas region.
Europe accounts for the second largest share of the global chronic disease management market as result of increasing focus of government agencies on the treatment of chronic diseases. Moreover, the growing public awareness about chronic diseases management likely to boost the European market. Asia Pacific region is not far behind & is currently the fastest growing market in the chronic diseases management business space.
Japan holds the major share of the regional market due to availability of advanced technology and huge healthcare spending. Moreover, rapidly developing economy, increasing healthcare expenditure, and the government’s initiatives for research & development projected to drive the market in China and India over the forecast period.
The Middle East and Africa contributes least in the global market due to limited availability of medical facilities, unavailability of the required infrastructure, affordability issues, and lack of awareness among masses. However, UAE, Saudi Arabia, and Kuwait are somehow the saving grace for the chronic disease management market in this region.
Chronic Disease Management Market Key Players :
The global market consist of players such as TriZetto Corporation (U.S.), Phytel Inc (U.S.), Pegasystems Inc. (U.S.), AxisPoint Health (U.S.), Wellcentive, Inc, Medecision, Inc (U.S.), i2i Systems, Inc (U.S.), HealthSmart Holdings, Inc (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), ZeOmega Inc. (U.S.), Epic Systems Corporation (U.S.), ScienceSoft USA Corporation (U.S.) Harmony Information Systems, Inc. (U.S.), Infosys Limited (India), and others. These are some of the prominent players at the forefront of competition in the global chronic disease management market.
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